The Honorable Gudie Hutchings, Minister of Rural Economic Development, spoke with Discover Airdrie to talk about some of the initiatives they have to help Airdronians with buying homes.
“Our budget 2022 is huge steps to build more homes and matter of fact, double their housing construction in the next decade and help Canadians buy their first home and while doing that protect buyers and renters.”
Hutchings says there is money in the budget that will help stop the unfair practices that drive up the price of housing and continue to work on homelessness and support affordability.
“Our budget proposes to introduce the first tax-free home savings account. That's going to give prospective first-time homebuyers the ability to save up to $40,000. It'll work like an RRSP, your contributions are tax-deductible, and withdrawals will be able to go towards your first home.”
According to Hutchings, there's basically $40,000 that you can save with tax-free in and tax-free out.
“Then the other part of it is to double the first-time homebuyers tax credit to $10,000. That will apply to homes purchased on or after January 1 of this year.
Hutchings says a Homebuyers bill of rights is on the way which will bring an end to all the blind bidding and it's going to ensure that you have a legal right to home inspection.
“We need to make sure that there are restrictions to prohibit foreign commercial enterprises. And people who are aren't Canadian citizens from acquiring residential property and non-recreational property.”
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